§ 18020 Industrial Loan Officer Qualifications

Financial Code·California

AI SummaryVerified

This law stops an industrial loan company from hiring or keeping officers, directors, or managers who don't meet the required qualifications.

Key Takeaways

•Only qualified people can be officers, directors, or managers.
•The company must remove anyone who doesn't meet the qualifications.
•The rule comes from Section 18117(d) of the law.

Example

A loan company wants to keep a manager who doesn't have the needed education or experience.

Because the manager lacks the required qualifications, the company must fire or replace them to follow the law.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 18020 Industrial Loan Officer Qualifications

An industrial loan company shall not appoint or continue in office any officer, director or management personnel who do not have the qualifications required by Section 18117 (d). (Added by Stats. 1976, Ch. 964.)

Last verified: January 11, 2026

Key Terms

industrial loan company officer director management personnel qualifications Section 18117 (d)

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 18020.

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Key Takeaways

Example

Key Terms

Related Statutes

References